Renewable Energy

Norges Bank set to join North Sea Race Bank wind project

June 18, 2024

Macquarie Asset Management and Spring Infrastructure 1 Investment Limited Partnership have agreed to sell a 37.5% stake in the Race Bank wind farm.

Related To: Macquarie Asset Management

When the Race Bank wind farm officially opened in 2018, it was then owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%) and Sumitomo Corp. (12.5%), with funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management (12.5%).

Offshore staff

LONDON — Macquarie Asset Management and Spring Infrastructure 1 Investment Limited Partnership have agreed to sell a 37.5% stake in the Race Bank wind farm in the UK southern North Sea.

Norges Bank Investment Management will pay £330 million ($418 million). Two branches of the Macquarie Group had acquired a 50% interest in the development during the construction phase in 2016, with Macquarie Capital divesting its 25% share a year later.

Race Bank, which started operations in 2018, comprises 91 x 6.3-MW wind turbines up to 27 km from the Norfolk coast generating up to 573 MW annually.

Funds controlled by Macquarie Asset Management will continue to manage stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats and East Anglia One offshore wind farms.

In addition, Macquarie Group and its partners are supporting the development of the new 2-GW West of Orkney, 1.5-GW Outer Dowsing, 1.2-GW Rampion 2 and 353-MW Five Estuaries offshore wind farms in UK waters.

06.18.2024